What is PASA Full Form in Insurance?
The PASA, full form in Insurance, is pre pre-approved sum assured insurance plan. This is a type of insurance policy where the insurer will pre-approve a specific sum assured amount for the policyholder on the basis of certain criteria. As they offer pre-approved coverage along with a simple application process, it is easy for policyholders to obtain.
Features of PASA insurance plans:
In the PASA insurance plan, the value assured is predetermined by the insurer based on the policyholder’s profile, which includes age, income, and health status. This eliminates the need for comprehensive medical underwriting and documentation. Obtaining coverage is faster and easier because of fewer documentation needs and a streamlined application procedure. Since the sum assured is pre-approved, the policy issuance process offers quick access to coverage.
Benefits of PASA insurance plans:
The pre-approval process makes it simpler and faster to receive coverage. Knowing the sum assured in advance allows for better financial planning. As the PASA insurance plans offer simplified underwriting and minimum documentation, insurance is more accessible to a larger population. Guaranteed acceptance and prompt issuance give policyholders confidence and peace of mind. The PASA insurance plans offer an efficient and convenient way to offer secure financial protection with minimum hassle.